According to the Pittsburgh Post-Gazette, the shale gas revolution is benefiting more than the pockets of landowners. The promise of low natural gas prices is attracting investment in the U.S. steel industry.

Read it:

 “Austrian steelmaker Voestalpine AG said Dec. 19 it may construct a 500 million-euro ($661 million) factory in the U.S. to benefit from cheap gas. Nucor Corp., the most valuable U.S. steelmaker, plans to start up a $750 million Louisiana project in mid-2013. They’re among at least five U.S. plants under consideration or being built that would use gas instead of coal to purify iron ore, the main ingredient in steel.”

This is great news for a U.S. industry that’s seen a 3.4 percent decline in production since 2008.  Slowing domestic demand, Chinese imports and depressed prices have put the U.S. steel industry on the ropes

Steel production isn’t the only industry getting a boost from cheap natural gas prices, Forbes reported the chemical industry is also benefiting from lower natural gas prices.

2013 could be a great year for producers and consumers, if natural gas prices remain low (they should thanks to increased production).

» Via: Pittsburgh Post-Gazette › Shale-gas revolution spurs wave of new U.S. steel plants